USA

KKR makes final offer for Envision Healthcare

KKR & Co. and a Tennessee hospital operator have made a final offer to buy Envision Healthcare, two sources with direct knowledge of the situation said.

Concurrent with the offer, Henry Kravis’ firm has arranged financing equal to 7.25 times Envision’s earnings before interest, taxes, depreciation and amortization, or Ebitda, to finance the deal, a source close to the situation said.

That implies that if the buyers put equity in the deal equal to 30 percent of the purchase price, that they bid in the high-$40 range.

Envision’s shares Monday were down 4 percent in midday trading, to $42.21 — giving the company a $5 billion market cap.

Two other bidding teams were also interested in Envision, including a partnership between Carlyle Group and TPG Capital, so the seller could be asking the two teams to improve their offers if the bids were similar.

Envision supplies doctors to hospital emergency rooms.

A few months ago, Envision’s executive team met with leading shareholders — including activists — to find out what they would think is an acceptable price in a sale. Shareholders said they would accept a bid in the mid-$40 range, a source who was at the meetings said.

The activists can launch a proxy fight soon to gain control of the board if they are not satisfied with the sale process, sources said.

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